How To Get Started On Your Savings

By Taher Ahmed | May 1, 2016

How To Get Started On Savings

For those of you who haven’t given a second thought about savings and retirement, remember, it’s better late than never. While there is no way to get back lost time, there is always scope to start something new. One common dream we all share is to have a better future with sufficient savings to enjoy life. So, if you haven’t started already, here are some simple tips to get you on the road to a brighter, richer future.

  • Convince yourself – The first step towards any new beginning is perhaps the hardest. Regardless of how old you are or how much you earn, it’s important to understand why you need to save and how it will pay off in the future.
  • Set realistic goals – Once you have convinced yourself to start saving, set goals which are realistic and achievable. The best way to do this is to assess your current position and calculate your financial needs for the future based on this assessment. It is often easy to be swayed while setting goals, which is why you mustn’t get influenced and make false commitments.
  • Research – Once your goals have been set, it is time to get some research done and find products which match your needs. You can go through government saving schemes or check if your employer has any special plans for retirement. This research should help you narrow down your prospects and choose schemes which will benefit you after retirement. The research could also throw up some new ways to save money!
  • Choose your ally – Post research, it’s time to get down to business. Choose a plan which can help you weather every storm in the future. Some of the popular saving options in India are Post Office saving schemes, government bonds, PPF, National Saving Certificates, Fixed Deposits, etc. Each of these options have unique features and benefits which could help you financially after retirement.
  • Keep calm and enroll – Deciding on a plan means that you’re half way there. Get those forms and documents in place and start investing. Regular, systematic investments can help you realise your dream, providing a fat corpus on retirement. The only way to do this, however, is to stick to your goals. Do justice to the scheme!

So, now that you’re set, it would be a good time to start saving. Remember, it’s never too late!

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